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Author Topic: Selling BiddingPond.com GLBSE - BID Shares  (Read 1047 times)
semyazza
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October 15, 2011, 09:16:10 PM
 #1

Selling GLBSE ticker BID shares.
1) 1,000 shares at .25BTC
2) 2,000 shares at .5BTC
3) 4,000 shares at .75BTC
4) 13,000 shares at 1BTC

https://glbse.com/asset/fc3de0c1848b26037e8c3252e0f66ca723bcc7f4e2343acbf0fabc2770067b19

ANSWERED QUESTIONS:

...
You've also listed about $69,000 in stock.  Is BiddingPond.com worth that high of a valuation?
The purchase value of shares will go to incorporation of BiddingPond.com in Delaware(shares will be converted to stock ownership if shareholders agree), hosting, new design for the website from 99designs.com, and a year developer salary for full-time development work.
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October 15, 2011, 09:27:40 PM
 #2

You've listed about $69,000 in stock.  Is BiddingPond.com worth that high of a valuation?

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semyazza
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October 15, 2011, 09:32:24 PM
 #3

Selling GLBSE ticker BID shares.
1) 1,000 shares at .25BTC
2) 2,000 shares at .5BTC
3) 4,000 shares at .75BTC
4) 13,000 shares at 1BTC

https://glbse.com/asset/08622a311517884928e3c98df14d38e9876eceb3281a7dfca4ff5a65a1e453d3

That link appears to be for the Islamic Bank of Bitcoin (IBB) asset contract.

That was embarassing.  The link has been updated.  Thank You.  The new link is:
https://glbse.com/asset/fc3de0c1848b26037e8c3252e0f66ca723bcc7f4e2343acbf0fabc2770067b19
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October 15, 2011, 09:33:16 PM
 #4

That link doesn't work sir

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October 15, 2011, 09:34:54 PM
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That link doesn't work sir

It seems like I may have updated it right before you posted.  A matter of seconds.
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October 15, 2011, 09:37:53 PM
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...
You've also listed about $69,000 in stock.  Is BiddingPond.com worth that high of a valuation?
The purchase value of shares will go to incorporation of BiddingPond.com in Delaware(shares will be converted to stock ownership if shareholders agree), hosting, new design for the website from 99designs.com, and a year developer salary for full-time development work.
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October 16, 2011, 12:36:53 PM
 #7

You've listed about $69,000 in stock.  Is BiddingPond.com worth that high of a valuation?

And that's just for 20% of the company! Once (if) the IPO sells out, the market cap will be around $400,000. I think that's a bit steep for an auction site with two current listings.

I'd love to buy shares and invest in this venture, because the bitcoin community needs a viable eBay alternative, and such a site requires funds, but for the risk that early investors are taking on, I think you need to reconsider the IPO price. Even stage 1 prices are more than I'm willing to pay for bidding pond in its current state. This is not the dot com boom any more!

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October 16, 2011, 01:23:45 PM
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You've listed about $69,000 in stock.  Is BiddingPond.com worth that high of a valuation?

And that's just for 20% of the company! Once (if) the IPO sells out, the market cap will be around $400,000. I think that's a bit steep for an auction site with two current listings.

I'd love to buy shares and invest in this venture, because the bitcoin community needs a viable eBay alternative, and such a site requires funds, but for the risk that early investors are taking on, I think you need to reconsider the IPO price. Even stage 1 prices are more than I'm willing to pay for bidding pond in its current state. This is not the dot com boom any more!

We can agree with everything besides you considering it a steep price.  We are looking for funding to expand the business. Angel investors usually require 25-33% of equity investment in the company with an average investment size of $500,000.  We are offering 20% of the business with an investment size of approximately $69,000(assuming an individual purchases ALL of the shares).  

With this low barrier and low financial risk to entry you do not receive a 3-5 year exit plan as with other angel investment opportunities. We offer instead, and what we consider a better solution, twice yearly profit payments.  We would also like to add that in the event of company bankruptcy with a traditional Angel investment you receive nothing in the 3-5 year plan no matter how excellent or poor the company is performing.  

Our setup with payments being made after operating expenses actually reduces an individuals risk by offering twice yearly payments during the normal 3-5 year "sit and wait period" and is significantly lower risk than a traditional funding round.

We hope you reconsider investing in this great opportunity.
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October 16, 2011, 03:47:00 PM
 #9

This is very interesting. What do you plan to change to bring more customers to the site?

Does the company take a fee when items are sold? How much time is going to be put into maintaining this site?

The site was very active until we stopped making feature updates.  This was due to our making sure bitcoincashout.com and other assets were properly transitioned to Bitcoin Solutions LLC.  We believe that customers will come to the site as they see improvements and as the Bitcoin economy grows.  We also plan to advertise and offer seller incentives to get items listed.

If full funding is reached 40+ hours a week will be set aside for maintaining the site.  This includes development, customer service and logistical planning for future growth.  If full funding is not reached you can expect approximately 20 hours a week to maintain the site which will increase as the site grows.

Currently all fees are suspended until October 31,2011.  After that date BiddingPond.com offers "free listings" followed by  À la carte premium listing options.  These options currently include:
  • Bold Listings
  • Highlighted Listings
  • Featured Auctions (rotated front page advertisement)
  • Picture Upload
  • (Other premium ideas to come)

We plan to offer free listings indefinitely if we determine it is sustainable in the long run.  If it is determined it can not be supported we will move to a pay per listing model (negligible $.10/listing) and still retain premium features.  We do not believe in other auction site payment models and our aim is to provide a successful auction site that does not abuse its sellers and buyers.

We have an escrow system that will be released this month.  The escrow system will include a 4% fee for transactions.  This escrow system is completely optional following our philosophy of an À la carte model and feeling that buyers and sellers should pick their own risk tolerance.  We would like to also state that the escrow system is not only for our auction product but is general enough to be used for any Bitcoin transaction.

Further business income will come from sponsored advertising with ability to sponsor categories, sub categories, and the main page.

Future plans after we build a large set of Bitcoin features is to expand into other Digital and real currency options (HD Money, Liberty Reserve, Paypal, etc.).

We hope this answers some of your questions.  We would like to go into more detail but revealing everything we are working on would give some competitors ideas we have not yet implemented and cause us to lose the "first to market" advantage.
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October 17, 2011, 02:41:38 PM
 #10

Update: Over 22% of the level 1 shares have sold.
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October 18, 2011, 08:26:40 PM
 #11

Shares are still available.  Get them while you can!
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October 19, 2011, 11:16:27 PM
 #12

This announcement is for current shareholders.  There is a GLBSE motion that needs to be voted on.

This motion is to close further purchases of shares until Bitcoin prices become stable again. At that time shares will be repriced and issued. This does not affect current share holders.

Closes   October 25,2011
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October 25, 2011, 01:06:52 AM
 #13

This announcement is for current shareholders.  There is a GLBSE motion that needs to be voted on.

This motion is to close further purchases of shares until Bitcoin prices become stable again. At that time shares will be repriced and issued. This does not affect current share holders.

Closes   October 25,2011

11:30PM EST time will be the last chance to buy one of the 20,000 biddingpond.com shares on GLBSE as voted by the current shareholders.  At that time shares will not be sold to the public until it is determined that bitcoin prices have relatively stabilized and increased in value.  This is a great time to pick some up cheap with Bitcoin value depreciated!
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October 25, 2011, 01:16:19 AM
 #14

new design for the website from 99designs.com

You might want to consider hiring a designer from the Bitcoin community. I recently needed some logos for a project, I found someone on the forums that used to do work for 99 designs, and got quite a deal.
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